# Phase 1: Summary Statistics

Panel: 17,775 obs, 237 countries, years 1950-2024

| Variable | N | Mean | Std | Min | Max |
|----------|---|------|-----|-----|-----|
| Z_1 | 17,775 | -0.755 | 1.317 | -3.983 | 3.639 |
| Z_2 | 17,775 | -11.871 | 20.454 | -60.887 | 71.552 |
| Z_3 | 17,775 | -170.213 | 291.742 | -850.346 | 1248.352 |
| inflation | 7,866 | 41.999 | 865.498 | -72.729 | 65374.082 |
| policy_rate | 2,029 | 8.638 | 10.388 | -0.600 | 183.200 |
| real_policy_rate | 1,944 | 0.328 | 11.365 | -187.885 | 128.165 |
| govt_bond_10y | 1,018 | 5.727 | 3.850 | -0.524 | 22.497 |
| short_rate_3m | 983 | 5.223 | 4.927 | -0.848 | 28.582 |
| real_bond_10y | 907 | 2.427 | 2.974 | -10.244 | 21.462 |
| real_short_3m | 910 | 1.747 | 3.353 | -11.280 | 17.709 |
| term_spread | 931 | 0.853 | 1.844 | -5.648 | 21.924 |
| output_gap | 1,117 | -0.218 | 3.020 | -18.604 | 12.284 |
| rgdp_growth | 7,912 | 3.350 | 6.186 | -54.336 | 147.973 |
| fiscal_bal_gdp | 6,363 | -2.239 | 5.512 | -20.164 | 20.112 |
| kaopen | 7,156 | 0.074 | 1.556 | -1.939 | 2.281 |
| nfa_gdp_lag | 7,529 | -0.218 | 1.565 | -46.386 | 15.699 |
| cbi_index | 6,394 | 0.426 | 0.190 | 0.000 | 0.958 |
| it_adopter | 17,775 | 0.050 | 0.217 | 0.000 | 1.000 |
| qe_active | 17,775 | 0.012 | 0.108 | 0.000 | 1.000 |
| near_zlb | 2,029 | 0.078 | 0.269 | 0.000 | 1.000 |
| old_dep | 17,775 | 0.109 | 0.074 | 0.010 | 1.099 |
| youth_dep | 17,775 | 0.597 | 0.245 | 0.118 | 1.640 |
| working_age_share | 17,775 | 0.595 | 0.072 | 0.337 | 0.854 |
| delta_policy_rate | 1,940 | -0.125 | 5.912 | -124.200 | 113.230 |
| delta_inflation | 7,671 | -3.216 | 1040.335 | -45468.058 | 64935.965 |
| global_Z_1 | 10,665 | -0.000 | 0.000 | -0.000 | 0.000 |
| domestic_Z_1_dev | 10,665 | -1.258 | 1.310 | -3.983 | 3.538 |